To make the situation all the more delicate Credit Suisse put out a note that said the commodity super-cycle underpinned by China had peaked.

Is China's Growth Story Peaking?

Discussing China's infrastructure needs, and its outlook for growth and how to play it, with the Fast Money traders

How should you position now?

Trader Brian Kelly says don’t panic. “This doesn’t mean the world is over,” he says. Credit Suisse simply said the super-cycle had peaked not ended.

However, Kelly does suggests taking a hard look at your portfolio. "It's probably time to decrease exposure to anything that’s highly tethered to Asia growth."

“For me I sold EWA” he says. Decline in demand for commodities from China will hurt Australia. And he sold EWY . South Korea is a heavily export dependent economy.

In addition, Brian Kelly suggests watching the action in copper very closely. “It won’t take much of a demand decrease in copper to generate a surplus.”

Karen Finerman thinks these developments are likely negative for Yum Brands, which generates a sizable amount of sales from China. “I don’t think the story is over entirely,” she says, “but I’d take some off the table.”

Tim Seymour is on the other side of the trade.

“I don’t agree with Credit Suisse,” he says. “I think the commodities super-cycle continues to go forward. China has planned $900 billion in power grid construction over the next 5 years; $400 billion in subway and roadway construction. And they plan to spend significant amounts on housing."

______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to fastmoney@cnbc.com.

Trader disclosure: On March 5, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Finerman is long (AAPL); Finerman is long (BAC); Finerman is long (JPM); Finerman is long (HPQ); Finerman is short (SPY); Finerman is short (IWM); Finerman is short (MDY); Kelly is long (QQQ) calls; Kelly is long (USG); Kelly is long (SPY); Kelly is long (SPY) Puts; Kelly is long (EWE); Kelly is long Mexican Peso; Kelly is long German Bunds; Kelly is short (EWY); Kelly is short Australian Dollar; Kelly is short New Zealand Dollar; Adami is long Citigroup; Adami is long (GS); Adami is long (INTC); Adami is long (AGU); Adami is long (MSFT); Adami is long (NUE); Adami is long (BTU); Nations is long (BAC); Nations is long (SPY)

For Steven MuellerNo disclosures

For Steve Le BlancNo disclosures

For Amelia BourdeauFirm makes market in euroFirm makes market in Australian dollarFirm makes market in New Zealand Dollar